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Time denies refinancing rumours

PC retailer and manufacturer Time Computers has insisted that its financial status is sound, despite industry rumours that the company has been in urgent refinancing talks with HSBC because of declining PC sales.

PC retailer and manufacturer Time Computers has insisted that its financial status is sound, despite industry rumours that the company has been in urgent refinancing talks with HSBC because of declining PC sales.

A Time Group representative claimed that over the past 18 months, the company has invested "over £30m of its own funds in new growth areas". There has been no refinancing of debt, as reported in certain newspapers, he added.

The representative admitted that the company's core business of PC sales has been realigned over the past three months due to a fall in PC sales worldwide. "The process will be completed by the end of December, and will leave the core business on track to increased profitability," he said.

Time Group will be in an "excellent position" in 2001 to take full advantage of the investments, he explained, adding that the changes will "put the group on course to achieve strong sustainable growth".

However, the company has remained tight-lipped about its ongoing legal case with IBM. Time is suing Big Blue for £3m in the New York State Supreme Court for allegedly supplying defective memory chips. "Time is unable to comment about the lawsuit at this precise moment," the representative said.

Another UK PC supplier, Adex International, is suing IBM UK for £3m for the same reason. The case was moved to the High Court for a hearing last week.

Both companies allege that in 1994 IBM sold them thousands of memory chips that it knew were defective. In July, Time settled a £13m compensation claim with IBM UK over the same issue.

An IBM representative confirmed that it was involved in legal action with both companies, but said: "We have no further comment on this issue at the present time."